Equities in Canada’s largest centre were poised to open higher on Monday, tracking strong global cues on hopes for progress in Russia-Ukraine talks, although weakness in commodities capped gains.

The S&P/TSX Composite Index stubbed its toes losing 119.87 to 21,461.83 Friday. On the week, though, the index gained 59 points, or 0.28%.

Futures for the market inched higher 0.1% early Monday.

The Canadian dollar doffed 0.17 cents to 78.34 cents U.S.

Rio Tinto proposed on Monday to buy the 49% of Turquoise Hill Resources it does not already own for about $2.7 billion, paving the way for a direct ownership of the massive Oyu Tolgoi copper-gold mining project in Mongolia.

CIBC initiated coverage on Artemis Gold with an outperform rating

CIBC then initiated coverage on Ascot Resources, also with an outperform rating

Finally, CIBC initiated coverage on Skeena Resources, also with an outperform rating

ON BAYSTREET

The TSX Venture Exchange let go of 9.09 points, or 1.1%, to 846.35, a loss on the week of nearly one point.

ON WALLSTREET

Dow futures rose Monday ahead of an important week as the Russia-Ukraine war continues to escalate and the Federal Reserve could hike rates for the first time since 2018.

Futures for the Dow Jones Industrials jumped 195 points, or 0.6%, to 33,008.

Futures for the S&P 500 gained 10.5 points, or 0.3%, to 4,203

Futures for the NASDAQ Composite Index gave back 42.75 points, or 0.3%, to 13,246.25.

Major averages have all dipped into correction territory as geopolitical risks and inflation fears sent asset prices falling.

The blue-chip Dow is down nearly 11% from its record high, while the S&P 500 has fallen almost 13% from its all-time high. The tech-heavy NASDAQ has borne the brunt of the selloff, falling more than 20% from its record high in November.

Fighting has intensified around Ukraine’s capital, Kyiv, while Russian forces bombard cities across the country, killing civilians who are unable to escape. The financial fallout of stiff Russian sanctions will come into sharper focus in the coming days ahead of a scheduled sovereign bond payment.

Ukraine and Russia resumed peace talks on Monday. A Ukrainian official said the country’s objectives were to secure a ceasefire and an immediate withdrawal of Russian troops, along with other security guarantees.

The Fed is expected to raise its target fed funds rate by a quarter percentage point from zero at the end of its two-day meeting Wednesday.

Investors are also looking to the central bank for its new forecasts for rates, inflation and the economy, given the uncertainty from the escalated geopolitical tensions.

In Asia, the Nikkei 225 index gained 0.6% Monday, while in Hong Kong, the Hang Seng index thundered lower 5%.